New York High Court sides with JP Morgan in $ 140 million insurance lawsuit

By Shawn Rice (Nov 23, 2021, 8:10 p.m. EST) – A majority in New York’s highest court on Tuesday said a $ 140 million settlement payment by predecessor of JP Morgan Securities Inc. to Securities and Exchange Commission in the United States was not an uninsurable penalty, overturning a state appeals court ruling in an insurance case that spanned decades.

The highest court in New York on Tuesday agreed that a payment of $ 140 million by the predecessor of JP Morgan Securities Inc. to the United States Securities and Exchange Commission was not an uninsurable penalty. (AP Photo / Seth Wenig) In a 6-1 decision, the majority supported JP Morgan’s position that the settlement regarding the SEC’s accusations of illegal market trading and late trading was …

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